Arch Insurance launches family and medical leave product

Insurance Business America | October 18, 2019

Arch Insurance has announced that it is offering a Paid Family Medical Leave (PFML) product to employers in Massachusetts. The new product was designed following the state’s new legislation which requires that all employers in Massachusetts make paid family and medical leave coverage available for every worker. The legislation, MGL c.175M, establishes a system for paid family leave of up to 12 weeks to care for a relative and up to 20 weeks for an insured’s own illness, with benefits beginning in 2021. By default, all employees in Massachusetts will be enrolled in the state-sponsored PFML coverage. Employers and employees participating in the state-sponsored coverage are required to submit contributions to the state (through payroll deductions) starting in the fourth quarter of 2019; the state’s benefits program takes effect January 01, 2021. Arch’s new product is a private plan that meets the state’s criteria for PFML; employers who purchase the product can file for an exemption from the state-sponsored plan and eliminate the need to contribute to the state fund.

Spotlight

Gain an edge over your competition with exceptional CRM solutions built for insurance needs.
Enhance your operational efficiency and overall productivity by managing multiple processes and products with a CRM solution built for all insurance needs. Automate potential and existing customer communication armed with invaluable customer insights.

Spotlight

Gain an edge over your competition with exceptional CRM solutions built for insurance needs.
Enhance your operational efficiency and overall productivity by managing multiple processes and products with a CRM solution built for all insurance needs. Automate potential and existing customer communication armed with invaluable customer insights.

Related News

CORE INSURANCE

VYRD Launches Homeowners Insurance in Florida Powered by Verisk Data

Verisk and VYRD | August 26, 2022

VYRD, a new homeowners insurer, is transforming the experience of buying insurance in the challenging Florida market by making underwriting decisions faster and easier with reliable data from Verisk, a leading global data analytics provider. Using Verisk’s LightSpeed® for Homeowners platform, VYRD is leveraging granular data to more accurately assess the risk profiles of coastal properties. Within LightSpeed, VYRD is integrating Verisk’s location-based peril information, reconstruction cost estimates, roof data, aerial imagery, building permit data and homeowner insights to support faster, more reliable initial quotes. VYRD is also employing loss history information from Verisk to help complete the underwriting process. Led by an experienced team with a singular focus on meeting Florida’s unique challenges, VYRD is setting its initial focus on those customers who are challenged with finding coverage for their home. Frequent catastrophe losses and a volatile legal environment, especially surrounding roof claims, have contributed to creating a difficult market for homeowners, agents and insurers in Florida one that VYRD seeks to address with new approaches. “Verisk provides the cutting-edge, InsurTech solutions we need to maintain our policyholder-first mentality as we aim to set the new standard in home protection in an increasingly complex and challenging market, We’re using Verisk tools to prefill applications as far as possible with the best data in the business, so we can give customers a better purchase experience that earns their trust and loyalty.” -David Howard, VYRD’s chief executive officer VYRD came to us focused on digital transformation that would drive a better customer experience and support a successful business model for the increasingly complex Florida market, VYRD’s experienced and knowledgeable team knew where to turn for advanced technology, robust data and analytics and deep insurance expertise,said Doug Caccese, president of risk assessment, underwriting solutions at Verisk. About Verisk Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. About VYRD VYRD is the first Florida-domiciled Property and Casualty insurer licensed in the state in three years, and its leadership team brings more than 75 years of combined experience insuring homes in Florida and the Gulf Coast. VYRD has partnered with the best service providers in the state to offer Floridians better coverage and service at competitive rates, and promise to deliver more effective prevention, better protection, and a smoother customer experience.

Read More

CORE INSURANCE

Ascend Partners with Agency Collective As The Preferred Payments & Financing Platform For 700+ Insurance Agencies & Independent Agents Across The US

Ascend and The Agency Collective | August 22, 2022

Ascend, the first modern insurance payments platform, has been officially endorsed by The AC as their preferred payments and financing platform for its vast member network. Ascend is the first modern insurance payments platform that provides automated all-in-one financing, collections, and payables. The AC is a premier network partner for insurance agencies. They host a network of over 700 agencies and help agents transition from captive to independent models. They are committed to the success of the independent agency channel across the insurance industry. "We are thrilled to partner with The AC and their network of agency members as we believe in serving the independent agency channel and their clients, This partnership will help ease the transition so many agents are making into the independent model by providing them with our modern payments platform that simplifies and streamlines the insurance payments process for all parties involved – including agents and agencies of all sizes." -Chris Peabody, Head of Strategic Partnerships The AC is aligned with Ascend in terms of forward-thinking technology solutions for independent agents to improve internal processes and provide a modern checkout. Their network of agency members will be able to leverage Ascend's technology to solve the inefficiencies of today's agency bill and premium financing processes. We pride ourselves on working with innovators and companies that not only align with our mission to help independent agents but also enhance it, Ascend is tackling one of, if not the, biggest pain points that agents are dealing with – the antiquated and cumbersome payments system. We're proud to endorse them and engrain them into our network of agents,says Kenny Urbania, CEO at The AC. This is one of many partnerships and alignments Ascend has been a part of this year, as they deepen their relationships with other insurtechs, MGAs, AMS, and carriers to complement the innovations being made by companies in the insurance market. About Ascend Ascend is the modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating labor-intensive, expensive processes while providing customers with the great online checkout and financing experience they've come to expect. About The Agency Collective The AC is a new type of agency network that offers a suite of tools to its partner agencies. It was founded in 2019 by a group of formerly Nationwide agents who are now independent. The AC currently works with close to 700 agencies of all sizes, whose continued growth is supported through carrier access, business tools, and services.

Read More

INSURANCE TECHNOLOGY

Embedded Insurance Platform Mulberri Raises $4M Seed

MULBERRI | July 29, 2022

Mulberri, the business insurance platform for modern PEOs and brokers, announced it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio). A shared platform that makes business insurance easier to access and manage, Mulberri will use the funding to continue to expand its infrastructure and data modeling to help make business insurance more simple, efficient, and transparent. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, CEO and co-founder of Mulberri. “We’ve been gratified by the enthusiastic response to Mulberri from investors and insurtechs alike. Looking towards the future, we’re excited to continue building out our technology so we can help even more PEOs and brokers reach their highest potential.” The process of buying, selling, and managing business insurance has always been complex, but increasingly it has become too slow. With manual workflows, archaic processes, and low-tech solutions, business insurance processes have lagged behind other insurance sectors, which have embraced automation and data-first approaches. But that’s where Mulberri comes in. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. “Business insurance processes have been long overdue for an overhaul,” said Jon Soberg, Managing Partner at MS&AD Ventures. “Mulberri recognized this problem and has developed an innovative, streamlined solution.” Mulberri delivers on the speed, transparency, and efficiency that PEOs and brokers have been asking for. The platform provides smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services. It also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems like HRIS, Payroll and others. “Mulberri’s embedded platform empowers each one of the critical parties –– the SMB, the PEO, the broker, and the carrier –– while meaningfully leveling up automation and ease of doing business for the industry as a whole. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defense,” said Joseph Malchow, founding partner of Hanover Technology Investment Management. “Ultimately, that means a faster-growing book of business and happier customers. Hanover is proud to partner with Hamesh and the Mulberri team to transform business insurance.” ABOUT MULBERRI Mulberri is a pioneering embedded insurtech that is revamping the way insurance is delivered. Launched in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions. To learn more, visit https://www.mulberri.io/.

Read More